Quick facts:
- Australia population: 27.2 million people
- Australia GDP: $1.752 trillion
- Australia total market cap: ~$2.9 trillion
- According to Credit Suisse's Global Wealth Report, Australian households had US$546,184 (approximately AU$807,898) in average wealth per adult as of mid-2023, ranking Australia second globally for median wealth and fifth for average wealth. The Credit Suisse report and other sources point to factors like the strong superannuation system and rising property prices as significant contributors to this wealth growth.
- 2024- there are 690,000 high-net-worth investors in Australia, up 8.7% year-on-year. These investors are defined as those who have at least $1 million in investable assets – net wealth clear of debt, excluding their own home, business, and super (but including SMSF assets). They now control $3.3 trillion in assets, up from under $3 trillion in 2023.
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In this backdrop, the Insurance industry in Australia:
- Life Insurance direct premium of $18.6 billion
The life insurance sector's value chain has three primary components: Underwriting, Distribution, and Asset Management
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